I'd also add to that that you are paying a 20% withholding tax on gross rental income. 

Tax structuring and LLC advice you can get for a paid fee too.

And how much is your debt service, around $6,500? 

It's the concept of buying the debt attached to the mortgage rather than buying the house. 

On the other hand, if you're aiming for long-term rental properties, getting prequalified with a lender specializing in traditional loans or DSCR (Debt Service Coverage Ratio) loans is key.

He is busy working at the hospital and doesn't want to deal with tenants, toilets, taxes, trash, and all that haha

Taxes 10k HOA is 9k The current owner never did short-term rentals.

Hi All, any input on renovating a house and possible tax exemptions under an LLC?

While we don’t have state income tax here we do have the hurricane tax that comes with high insurance premiums and little real insurance benefits/help when it’s needed.

Her mother is willing to (co-sign) and has excellent credit and debt to income ratio that will more than allow but I’m not sure the best way to structure this for the house to still be in our name?